Politics and Economics

People of wealth stand up for greater equality

"We are business leaders and wealthy individuals, among the top five per cent of income earners and asset holders in the US," the brochure leads off. We are concerned about the rise in power of large corporations and the growing gap between the rich and everyone else."

The folks behind Responsible Wea1th see themselves as beneficiaries of a game with unfair rules. We recognise that assets play an essential role in building wealth and prosperity. However, we believe there is an overemphasis on the rights and rewards of private capital. Those of us with large amounts of capital are able to pass on fortunes from generation to generation and multiply our wealth through passive investing, while around us one in four children are born into poverty, and many have little hope of improving their financial situation.

What does Responsible Wealth propose to do? In essence, lobby for policies that we who are not rich never expect to hear the rich promote. The burden of responsibility for the deficit, says the brochure, should be placed on the wealthiest, who benefited most from the police changes that created it. That means -what an amazing idea! - tax increases for the rich.

Are these folks for real? I wondered, so I called them up. They’ re not yet willing to have their names released to the public, but when they do you will recognise some of them. Responsible Wealth has over 130 members and is going for 250 by the end of this year. Next month they’ re having their first national conference in New York.

(From: The Global Citizen, USA: written by Donella H. Meadows. adjunct professor of environmental studies at Dartmouth College.)